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Gold strong upside pressure

Gold may move somehow sideways in the short term. The bias remains bullish, so further growth is still in cards. The yellow metal dropped a little today as the dollar Index tried to rebound.

Still, XAU/USD could jump higher as DXY plunged in the last hours. The US Unemployment Claims was reported at 268K above 260K expected in the previous week. The greenback depreciated after the US Jobless Claims indicator come in worse than expected.

XAU/USD imminent breakout

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XAU/USD continues to stay near the 1,868.62 static resistance. Jumping, closing, and stabilizing above this obstacle may signal an upside continuation. As you can see on the H4 chart, the price of gold failed to reach the 1,848.66 weekly pivot point signaling strong buyers.

Technically, the up channel's upside line and the area of 1,841.57 - 1,834.04 are seen as major downside obstacles. XAU/USD could resume its growth as long as it stays above these levels. In the short term, a temporary decline could only help us to catch a new swing higher.

Gold prediction

Staying near 1,868.62 indicates an imminent upside breakout. Making a valid breakout through this level, registering a new higher high, a bullish closure above 1,870.94, could activate an upside continuation.

Also, a temporary drop towards 1,850 could bring a new long opportunity from the lows.

The material has been provided by InstaForex Company - www.instaforex.com